IRS

With the Dec. 27, 2020, enactment of the Consolidated Appropriations Act, 2021, businesses now may claim these deductions even though they received PPP loans to cover original eligible expenses. These businesses can use the safe harbor provided by this...

Because a change in the taxability of unemployment benefits was made into law after some people filed their taxes, the IRS will automatically calculate the amount those taxpayers should be refunded, starting in May.

The IRS will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

The Internal Revenue Service has issued frequently asked questions on how students and higher education institutions should report pandemic-related emergency financial aid grants.

Payments will begin to be issued this weekend to Social Security recipients and other federal beneficiaries who do not normally file a tax return, with the projection that the majority of these payments would be sent electronically and received on April 7

The Internal Revenue Service has issued Announcement 2021-7 PDF to clarify that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are ...

Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. There is still time to make contributions that count for a 2020 tax return, if they are made by April 17, 2021. Taxpayers can file their return ...

The IRS says individuals also now have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions, but the estimated tax payment deadline is still April 15, 2021.